Excellence in Family Office Operations

From staff recruiting to technology to operational risks, the inaugural Family Office Operational Excellence Report, from AlTi Tiedemann Global in partnership with Campden Wealth, paints a detailed picture of how family offices are set up.

The report is based on a survey of 98 family offices, almost all single family offices and almost in North America. Key findings include:

  • The talent market is still tough, and staff turnover is a big concern. About 70% of survey respondents said they had trouble recruiting staff, and 65% worried about keeping the staff they have.
  • Succession planning is a weak spot. Only 57% of family offices have a succession plan, and many of those are incomplete or informal.
  • Family offices depend on data. Over 80% of those surveyed said they are satisfied with their access to data needed for decision-making. Still, about 40% worry that they are relying too heavily on spreadsheets and manual data aggregation.
  • Cybersecurity is a big risk. Fewer than half of those surveyed are confident that they can prevent cyber attacks from doing serious damage.
  • Most family offices are not on the leading edge of technology. Only about one-quarter of respondents said they have leading-edge technical solutions. “It appears that in many cases technology investment is tied to the decade the family office was created, which means many older firms have technology that is inefficient or sub-optimal,” the report noted.

About the Author

Margaret Steen

Margaret Steen is the editor of FO Pro, The Family Office Professional. Based in Silicon Valley, she has written for Family Business Magazine for more than 15 years.


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